Economy
Crude Oil Rises Despite Increase in US Crude Inventories
By Adedapo Adesanya
Crude oil prices overlooked unpleasant news from the United States’ Energy Information Administration (EIA) which showed that there was another high crude inventory build of 13.8 million barrels for the week to March 5.
On Wednesday, the international benchmark futures, Brent crude, gained 41 cents or 0.61 per cent to sell at $67.93 per barrel, while the US West Texas Intermediate (WTI) crude rose by 45 cents or 0.7 per cent to trade at $64.46 per barrel.
This is the second straight week of a massive crude oil inventory build, as the market was faced with an inventory of over 21 million barrels in the previous week. Analysts had expected an 833,000-barrel decline in crude oil inventories.
A day earlier, the American Petroleum Institute reported an estimated crude oil inventory build of as much as 12.79 million barrels for the week to March 5, versus analyst expectations of a modest increase to the tune of 816,000 barrels.
Business Post gathered from American media that following the excessively cold weather that halted oil production in the US, producers appear to be coming back online faster than refiners, swelling inventories.
Crude production rose to 10.9 million barrels per day, rebounding to near levels before the freeze, while refinery utilization rates jumped 13 percentage points, but that only brought overall capacity use to 69 per cent, far below seasonal averages for this time of year.
The market is still profiting off decisions by the decision from the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to leave production cuts as they are for another month and reports that the supply of crude was tightening globally as demand began to pick up.
OPEC+ agreed last week to largely maintain production cuts in April.
The market also got fresh news about global recovery as the Organisation for Economic Cooperation and Development (OECD) said in its interim economic outlook that the global economy is set to rebound with 5.6 per cent this year and expand 4 per cent next year following the brutal impact of the COVID-19 pandemic.
Its previous forecast had been for growth of 4.2 per cent this year while for 2022, it had predicted an improvement of 3.7 per cent.
It noted that the US and Chinese economies are expected to bounce back faster, while other regions may continue struggling until the end of 2022.
It added that in poorer countries, substantial job losses have increased poverty and the deprivation of millions of workers.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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